Google (GOOG) Beats Q1 Views; Analyst Targets Boosted Across the Board

Google (Nasdaq: GOOG) shares are lower Friday despite strong first-quarter numbers which have analysts absolutely high-fiving each other with excitement.

Here's the skinny on a couple of key calls following the report:

• Barclays boosted its price target from $700 to $750, keeping an Overweight rating;
  
• Credit Agricole target from $745 to $785 with a Buy rating;
  
• RBC is maintaining an Outperform rating and boosted its target from $800 to a co-Street high of $850;
  
• Piper Jaffray from $675 to $730, keeping an Overweight;
  
• Atlantic Securities from $700 to $780, with an Overweight;
  
• Capstone boosted its target from $750 to $830. Capstone rates Google at Buy;
  
• Evercore Partners gave a modest bump from $760 to $790, keeping an Overweight;
  
• JPMorgan from $686 to $730, keeping its Overweight rating;
  
• BMO with the lowest boost, from $730 to $755. BMO has Google at Outperform;
  
• Goldman Sachs boosted its target from $600 to $640, keeping a Neutral;
  
• Jefferies made the other co-Street high when its target moved from $825 to $850;
  
• Benchmark moved its target from $625 to $650; and
  
• Deutsche Bank raised its target from $649 to $680.

Wells Fargo kept its valuation range at $620 to $640, saying Google’s shares are likely to be range bound given the balance between fundamental risks (MMI, regulatory, social, local monetization) and a variety of positive catalysts (Page as CEO, Android activations/usage, display/YouTube). The firm also commented, "We think Google has a lot of opportunity to improve mobile monetization via a better MoSoLoCo (mobile social local commerce) product integration of Google Places/Offers/Location. As mobile ad rates improve, we think some of the CPC pressure will subside. We continue to believe that over time, mobile ads will increase in value with click to action functionality."

Visit our Analyst Ratings page to track all the market-moving analyst calls on shares of Google.

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